6 million over 50s in debt

Almost a third of people over the age of 50 are dealing with financial debt, repaying an average of £12,000.

Saga Personal Finance’s survey of 1000 people aged over 50 found that 29%, or 6 million, are currently repaying debts in addition to their mortgage.

67% of respondents have borrowed money using a credit card, while 28% have taken out a personal loan.

Other findings:

women are dealing with more debt than men with them owing an of average £15,148

21% said they borrowed money to cover their bills

14% borrowed money to make home repairs

10% have got in debt due to unemployment.

However, most individuals are managing their debt to some degree with 60% being able to repay their debts and still live comfortably.

A further 60% who have borrowed money said they were not expecting to have any debts when they got to their current age.

Joanna Fowler, head of equity release at Saga Personal Finance, said:

“It’s good to see that the majority of over 50s are taking advantage of borrowing sensibly to do the things they want in life and find the best deals. If you can afford the repayments, borrowing in retirement can be a useful way to fund your dreams.

“However, our research has found that a significant minority of people are struggling. If this is the case, there are plenty of options available to help them consolidate and manage their debts.”